Xstrata cuts projects over 'Henry' tax
Friday 04 June 2010
Xstrata has shelved A$586m (£336m) of investment in two mines in Queensland, blaming Australia's controversial "Henry" supertax on mining profits.
As he postponed the coal and copper projects yesterday, the chief executive Mick Davis said the 40 per cent tax on profits would create "significant uncertainty for the future of mining investment in Australia" and would "impair the value of previously-approved projects".
The Prime Minister, Kevin Rudd, has dismissed as "bunkum"claims that miners will be driven out of Australia, but Xstrata is not the only one to shelve schemes. Last month, Fortescue Metals put A$15bn of projects on hold.
- 2 The black and blue dress: Makers considering a white and gold version
- 3 This is what it's like to be dead, according to a guy who died for a bit
- 4 PornHub turns masturbation into energy in bid to save the planet
Stephen Hawking's wife Jane Wilde on their marriage breakdown: 'The family were left behind'
Boris Nemtsov shot dead: Putin critic may have been murdered by Islamic extremists, says president-led committee
British are sexually uptight, dirty and drink too much – according to Spanish book
PornHub turns masturbation into energy in bid to save the planet
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...